What are the requisites for successful strategic planning?
What will be an ideal response?
First, wholehearted support of the chief executive officer is essential. Second, planning must be kept simple, in agreement with the managerial style, and unencumbered by detailed numbers and fancy equations. Third, planning is a shared responsibility, and it would be wrong to assume that the president or vice president of planning, staff specialists, or line managers could do it single-handedly. Fourth, the managerial incentive system should give due recognition to the fact that decisions made with long-term implications may not appear good in the short-run. Fifth, the goals of planning should be achievable without excessive frustration and workload and with widespread understanding and acceptance of the process. Sixth, overall flexibility should be encouraged in order to accommodate changing conditions.
You might also like to view...
Adjusting entries to record depreciation expense increase operating expenses and reduce net income but do not require an outflow of cash
a. True b. False Indicate whether the statement is true or false
A nonverbal gesture, an expressed emotion, a question seeking clarification, a response to information presented, an attempt to build upon the original message, or a rebuttal to an argument are all examples of
A. decoding. B. distortion. C. feedback. D. social accounts.
Merchants are not required to warrant that the goods they sell are fit for their ordinary purpose
a. True b. False Indicate whether the statement is true or false
A table of random numbers must be:
A) in descending order. B) efficiently generated. C) normally distributed. D) in ascending order.